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Wayland Group Announces Definitive Agreement for Italian Joint Venture
Wayland Group Announces Definitive Agreement for Italian Joint Venture.
About this update from Wayland Group Corp
[{"type":"text","content":"\nTORONTO, Nov. 09, 2018 (GLOBE NEWSWIRE) -- Wayland Group (CSE:WAYL) (FRANKFURT: 75M) (OTCQB:MRRCF) (“Wayland” or the “Company”) is pleased to announce it has completed a definitive joint venture agreement with CBD Italian Factory S.S., a company of Group San Martino for the production of high quality cannabis products in Italy.\n The joint venture will marry the best of both entities with world-leading technology by Rockwell Automation paired with existing infrastructure in Piedmont, Italy, which includes agricultural expertise and biogas electricity. This will allow the sustainable production of quality CBD and THC products from a naturally derived fuel source. CBD Italian Factory S.S. and San Martino Group will bring mass-scale agricultural skills to the joint venture with a focus on local sustainable practices and expertise in Biomass Energy production. The joint venture will be a split of 50.1% (Wayland)/49.9% (CBD Italian Factory) with Massimiliano Umberto Signorini assuming the role of CEO for the new company. Wayland Group has identified that Europe is an important market for cannabis with over 742 million people and combined gross domestic product of EUR 15.3 trillion with the cannabis market forecast to be worth EUR 115.7 billion by 2028.i The Company is familiar with and able to navigate the strict European regulatory framework and complex licensing process, as proven by EU-GMP certification of its Canadian facilities.  The Company believes that joint ventures such as this are key to gaining first mover advantage in a growing market through working with trusted in-country partners to gain speed to market. “We are now well positioned in the Italian market for CBD and potential THC production.  We are proud to partner with Umberto Signorini to build on the strong business and agricultural platform they have established in Milan and Piedmont.” said Ben Ward, Chief Executive Officer of Wayland. A key aspect of this joint venture is the relationship with the University of Eastern Piedmont, which will develop a research center for the betterment of cannabis products for humans and animals. Initial research will focus on producing high CBD content for medical purposes, which will lead to further studies into high THC content, and medical uses. “Wayland and CBD Italian Fact...